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OTIS & CO. v. S.E.C.

No. 81.

323 U.S. 624 (1945)

65 S.Ct. 483

89 L.Ed. 511

OTIS & CO. v. SECURITIES & EXCHANGE COMMISSION ET AL.

Supreme Court of United States.

Decided January 29, 1945.

Attorney(s) appearing for the Case

Messrs. Arthur G. Logan and Robert J. Bulkley for petitioner.

Mr. Roger S. Foster, with whom Solicitor General Fahy, Messrs. Morton S. Yohalem, David K. Kadane, Theodore L. Thau and John W. Christensen were on the brief, for the Securities & Exchange Commission, and Mr. Donald R. Richberg, with whom Mr. Clarence A. Southerland was on the brief, for the United Light & Power Co., respondents.

MR. JUSTICE REED delivered the opinion of the Court.

An important although narrow legal point in the interpretation of the Public Utility Holding Company Act of 19351 is involved in this case. This is whether a plan under § 11 (e) of that act may be "fair and equitable" to preferred stockholders within the meaning of those words as used in that section, which allows a participation by junior common stockholders in the distribution...

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